9/8/2023 0 Comments Intuit turbotax advance![]() ![]() Eliminating the work and worry of tax time, TurboTax gives tax filers of any income and any complexity total confidence their taxes are done right and they are getting every dollar they deserve, regardless of if they want to fully hand their taxes off to a tax expert or do them themselves. TurboTax, from Intuit (NASDAQ: INTU), the global financial technology platform that makes TurboTax, QuickBooks, Credit Karma, and Mailchimp, announces the launch of its TurboTax Live and TurboTax Online products and services for tax year 2022. TurboTax Online delivers new and enhanced experiences for crypto investors, creators, and self-employed individuals Third party fees may apply.TurboTax Live Full Service tax experts can now fully prepare, finish, and file taxes in one meeting *Card issued by MVB Bank, Inc., Member FDIC pursuant to a license from Visa U.S.A. Your physical Credit Karma Visa Debit Card* should arrive in 7 - 14 days. If approved, your Refund Advance will be deposited into your Credit Karma Money™ Spend (checking) account, typically within 1 - 2 hours after the IRS acceptance of your e-filed federal return and you may access your funds online through a virtual card. Loan repayment is deducted from your federal tax refund and reduces the subsequent refund amount paid directly to you. You will not receive a final decision of whether you are approved for the loan until after you file your taxes. Your loan amount will be based on a portion of your anticipated federal refund to a maximum of 50% of that refund amount (minus any stimulus payment credit, also known as Recovery Rebate Credit). Not all consumers will qualify for a loan or for the maximum loan amount. note the term "typically" is used and it not a guarantee. read the details in the contract you signed. I believe Green Dot is even issuing new Turbo Visa Cards, which are still being offered to some non-Refund Advance customers, as online bank accounts instead of prepaid cards.)Īlthough you could be pre approved for the advance only the bank can actually approve it after you file the return. (Most tax debit cards are moving to online bank accounts this year for regulatory reasons as well as the likely future use of refund direct deposits for stimulus checks, advance CTC payments, etc. Though that was appropriate for the Turbo Visa prepaid card (reloadable but commonly disposed of after the refund is spent), it's not really appropriate for CK Money Spend which is an online bank account similar to Chime or Varo. (That's also why CK Tax, which was sold to Square / Cash App then to gain antitrust approval for Intuit buying CK, wasn't rebranded Cash App Taxes till this year.) Though CK is now part of Intuit, it remains fully separate from TurboTax.Īlso, TurboTax carried over its long-standing practice of requiring a new card for Refund Advance every year. The changeover is related to Intuit's purchase of Credit Karma, which occurred in late 2020 too late to be fully implemented last tax season. Perhaps part of the confusion is that the IRS wasn't supposed to officially accept returns till today, though it's normal for the IRS to approve certain early-filed TurboTax returns ahead of the official launch date. It is indeed First Century Bank that approves or denies the Refund Advance loan. Not to mention I also called first century bank who told me I wasn’t denied … I still have no legit answer or reasoning to why I was denied after ten years of approval same job same situation higher credit score Once again I have never been denied so I truly feel like it’s an error and something wrong with the credit karma and turbo tax deal. He just doesn’t see the normal code for people who have received the advance today. I was not only made to get a credit karma card when I already have the turbo tax card from previous years but a gentle man finally just told me I was denied… I asked the reasoning and he said he couldn’t tell me. I called today 1/24/22 twenty times and got transferred back and forth between turbo tax and credit karma who both seems to have conflicted information on who approves or denies the refund advance. This year it’s accepted my return on Friday 4:30 pm 1/21/22 and I did not receive the advance like I normally would within the hour or two. I have been doing taxes in turbo tax for 10 years now and have always got a refund advance when the irs accepts my return. It’s the worst thing they have ever done. I just want to give my persons opinion on the usage of credit karma teaming up with turbo tax this year. ![]()
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